Copper futures recovers on global cues

PTI New Delhi | Updated on June 24, 2011

Supported by a firming trend in base metals at the London Metal Exchange (LME) and pick-up in domestic demand, copper traded higher by 0.75 per cent at the futures trade today.

At the Multi Commodity Exchange, copper for delivery in June edged up by Rs 3 or 0.75 per cent to Rs 405 per kg with a business turnover of 4,661 lots. It had closed 0.60 per cent lower at Rs 402 per kg.

Similarly, the metal for delivery in August traded Rs 2.85 higher at Rs 409.95 per kg with an open interest of 600 lots.

Market analysts attributed the recovery in copper futures prices to a firming trend at the LME as dollar weakened, raising the demand for commodities.

Meanwhile, copper for three-month delivery gained 1.1 per cent to $9,055 a tonne at the LME.

Published on June 24, 2011

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